New York State Common Retirement Fund Raises Stock Holdings in Rocket Lab Corporation (NASDAQ:RKLB)

New York State Common Retirement Fund increased its stake in Rocket Lab Corporation (NASDAQ:RKLB - Free Report) by 23.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 133,371 shares of the rocket manufacturer's stock after purchasing an additional 25,483 shares during the period. New York State Common Retirement Fund's holdings in Rocket Lab were worth $2,385,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Wellington Management Group LLP bought a new position in Rocket Lab during the fourth quarter valued at approximately $17,261,000. SG Americas Securities LLC boosted its stake in shares of Rocket Lab by 2,186.7% during the first quarter. SG Americas Securities LLC now owns 353,522 shares of the rocket manufacturer's stock valued at $6,321,000 after purchasing an additional 338,062 shares during the period. Cambridge Investment Research Advisors Inc. boosted its stake in shares of Rocket Lab by 52.0% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 58,652 shares of the rocket manufacturer's stock valued at $1,049,000 after purchasing an additional 20,076 shares during the period. Smith Anglin Financial LLC boosted its stake in shares of Rocket Lab by 132.1% during the first quarter. Smith Anglin Financial LLC now owns 27,261 shares of the rocket manufacturer's stock valued at $487,000 after purchasing an additional 15,515 shares during the period. Finally, Rhumbline Advisers boosted its stake in shares of Rocket Lab by 9.6% during the first quarter. Rhumbline Advisers now owns 525,018 shares of the rocket manufacturer's stock valued at $9,387,000 after purchasing an additional 45,889 shares during the period. 71.78% of the stock is currently owned by institutional investors.

Rocket Lab Stock Performance

NASDAQ RKLB traded down $0.70 during trading hours on Friday, hitting $47.43. The company's stock had a trading volume of 14,499,283 shares, compared to its average volume of 25,171,824. Rocket Lab Corporation has a 12 month low of $4.20 and a 12 month high of $53.44. The company's 50 day simple moving average is $33.89 and its two-hundred day simple moving average is $26.54. The company has a market cap of $21.89 billion, a P/E ratio of -118.58 and a beta of 2.15. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.08 and a quick ratio of 1.72.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The rocket manufacturer reported ($0.12) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.02). The firm had revenue of $122.57 million for the quarter, compared to the consensus estimate of $120.74 million. Rocket Lab had a negative net margin of 44.32% and a negative return on equity of 48.92%. The company's revenue for the quarter was up 32.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.09) earnings per share. As a group, sell-side analysts expect that Rocket Lab Corporation will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Arjun Kampani sold 28,988 shares of the business's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $26.66, for a total value of $772,820.08. Following the transaction, the insider directly owned 540,618 shares of the company's stock, valued at approximately $14,412,875.88. The trade was a 5.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Frank Klein sold 44,885 shares of the business's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $26.66, for a total value of $1,196,634.10. Following the completion of the transaction, the insider directly owned 1,370,190 shares in the company, valued at approximately $36,529,265.40. This represents a 3.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,130,995 shares of company stock valued at $29,686,039. Insiders own 13.70% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on RKLB. Needham & Company LLC increased their price objective on Rocket Lab from $28.00 to $32.00 and gave the company a "buy" rating in a research note on Wednesday, May 28th. Wells Fargo & Company dropped their price target on Rocket Lab from $21.00 to $18.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 8th. KeyCorp raised their price target on Rocket Lab from $29.00 to $40.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 2nd. Stifel Nicolaus raised their price objective on Rocket Lab from $29.00 to $34.00 and gave the company a "buy" rating in a research report on Wednesday, May 28th. Finally, Roth Capital raised their price objective on Rocket Lab from $25.00 to $35.00 and gave the company a "buy" rating in a research report on Wednesday, May 28th. Four investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $34.10.

Rocket Lab Profile

Rocket Lab USA, Inc, a space company, provides launch services and space systems solutions for the space and defense industries. The company provides launch services, spacecraft design services, spacecraft components, spacecraft manufacturing, and other spacecraft and on-orbit management solutions; and constellation management services, as well as designs and manufactures small and medium-class rockets.